Q3 2025 Holdings
Filed 2025-11-14 | 83 holdings | $557.6M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Orrstown Finl Svcs Inc(ORRF) | COM | 687380105 | $49.4M | 1,453,010 | 8.9% |
| Choiceone Finl Svcs Inc(COFS) | COM | 170386106 | $31.7M | 1,093,522 | 5.7% |
| Community West Bancshares NE(CWBC) | COM | 203937107 | $30.5M | 1,462,786 | 5.5% |
| Avidbank Hldgs Inc(AVBH) | COM | 05368J103 | $26.6M | 1,042,169 | 4.8% |
| California Bancorp(BCAL) | COM | 84252A106 | $21.7M | 1,301,394 | 3.9% |
| Carter Bankshares Inc(CARE) | COM NEW | 146103106 | $20.2M | 1,038,543 | 3.6% |
| First Natl Corp(FXNC) | COM | 32106V107 | $19.8M | 873,646 | 3.6% |
| First Cmnty Corp S C(FCCO) | COM | 319835104 | $17.2M | 610,974 | 3.1% |
| Meridian Corporation(MRBK) | COM | 58958P104 | $16.9M | 1,072,214 | 3.0% |
| Metropolitan BK Hldg Corp(MCB) | COM | 591774104 | $16.1M | 215,083 | 2.9% |
| Franklin Finl Svcs Corp(FRAF) | COM | 353525108 | $15.3M | 331,586 | 2.7% |
| CF Bankshares Inc(CFBK) | COM | 12520L109 | $14.3M | 596,276 | 2.6% |
| Fvcbankcorp Inc(FVCB) | COM | 36120Q101 | $11.8M | 910,820 | 2.1% |
| Colony Bankcorp Inc(CBAN) | COM | 19623P101 | $10.9M | 643,673 | 2.0% |
| Mainstreet Bancshares Inc(MNSB) | COM | 56064Y100 | $10.6M | 509,933 | 1.9% |
| Eagle Finl Svcs Inc(EFSI) | COM | 26951R104 | $10.5M | 276,786 | 1.9% |
| Hanover Bancorp Inc(HNVR) | COM | 410709109 | $9.5M | 421,508 | 1.7% |
| Shore Bancshares Inc(SHBI) | COM | 825107105 | $9.3M | 568,190 | 1.7% |
| Financial Instns Inc(FISI) | COM | 317585404 | $8.8M | 322,202 | 1.6% |
| Parke Bancorp Inc(PKBK) | COM | 700885106 | $8.7M | 405,954 | 1.6% |
| Burke Herbert Finl Svcs Corp(BHRB) | COM | 12135Y108 | $8.5M | 137,761 | 1.5% |
| Citizens Cmnty Bancorp Inc M(CZWI) | COM | 174903104 | $8.4M | 525,039 | 1.5% |
| Coastalsouth Bancshares Inc(COSO) | COM NEW | 19058X207 | $8.2M | 378,141 | 1.5% |
| Bankwell Finl Group Inc(BWFG) | COM | 06654A103 | $7.8M | 177,321 | 1.4% |
| Primis Financial Corp(FRST) | COM | 74167B109 | $7.4M | 706,933 | 1.3% |
| Wesbanco Inc(WSBC) | COM | 950810101 | $7.1M | 223,648 | 1.3% |
| Southern First Bancshares(SFST) | COM | 842873101 | $7.0M | 158,754 | 1.3% |
| First Northwest Bancorp(FNWB) | COM | 335834107 | $6.8M | 869,092 | 1.2% |
| MVB Finl Corp(MVBF) | COM | 553810102 | $6.8M | 272,282 | 1.2% |
| Investar Hldg Corp(ISTR) | COM | 46134L105 | $6.5M | 279,847 | 1.2% |
| Mid Penn Bancorp Inc(MPB) | COM | 59540G107 | $6.3M | 219,569 | 1.1% |
| Bank Marin Bancorp(BMRC) | COM | 063425102 | $5.4M | 222,134 | 1.0% |
| United SEC Bancshares Calif(UBFO) | COM | 911460103 | $5.2M | 555,820 | 0.9% |
| First UTD Corp(FUNC) | COM | 33741H107 | $5.0M | 135,366 | 0.9% |
| Linkbancorp Inc(LNKB) | COM | 53578P105 | $4.9M | 682,823 | 0.9% |
| BV Finl Inc(BVFL) | COM NEW | 05603E208 | $4.8M | 297,624 | 0.9% |
| OAK VY Bancorp Oakdale Calif(OVLY) | COM | 671807105 | $4.7M | 165,856 | 0.8% |
| Kearny Finl Corp MD(KRNY) | COM | 48716P108 | $4.6M | 699,086 | 0.8% |
| Bank of the James Finl GP in(BOTJ) | COM | 470299108 | $4.6M | 291,782 | 0.8% |
| Ames Natl Corp(ATLO) | COM | 031001100 | $4.6M | 225,099 | 0.8% |
| Civista Bancshares Inc(CIVB) | COM NO PAR | 178867107 | $4.4M | 216,410 | 0.8% |
| CNB Finl Corp PA(CCNE) | COM | 126128107 | $3.9M | 162,457 | 0.7% |
| Business First Bancshares in(BFST) | COM | 12326C105 | $3.9M | 164,024 | 0.7% |
| National Bankshares Inc VA(NKSH) | COM | 634865109 | $3.8M | 128,497 | 0.7% |
| Provident Finl Hldgs Inc(PROV) | COM | 743868101 | $3.6M | 230,822 | 0.7% |
| Western New ENG Bancorp Inc(WNEB) | COM | 958892101 | $3.5M | 287,393 | 0.6% |
| Fifth Dist Bancorp Inc(FDSB) | COM | 316926104 | $3.4M | 248,966 | 0.6% |
| Midwestone Finl Group Inc NE(MOFG) | COM | 598511103 | $3.4M | 120,000 | 0.6% |
| Connectone Bancorp Inc(CNOB) | COM | 20786W107 | $3.0M | 122,000 | 0.5% |
| Eagle Bancorp Inc MD(EGBN) | COM | 268948106 | $2.9M | 141,541 | 0.5% |